Wrapping up Wednesday's USDA reports

Wednesday ended up being a lower day on the CME Group trading floor after USDA released what originally appeard to be bullish crop production figures. Though the trade didn't move up Wednesday, analysts say higher prices may not be far off, especially once harvest has wrapped up in corn and soybean country.

See all the coverage from Wednesday's reports, from the trading floor as well as folks who are responsible for reporting crop production in the field.

There have been a lot of reports this fall of higher-than-expected soybean yields coming out of the field. So, when USDA-NASS actually trimmed its bean yield estimate slightly to 41.5 bushels/acre in Wednesday's Crop Production report, it was something of a surprise.

Now that USDA's spoken, analysts and traders say the new trading range for corn is $5.50 to $7.00; which end of that price range, however, depends on a few factors moving ahead, both at home and abroad.